A new report has determined the best cities in Canada for getting rich, and if you're looking to live a wealthier lifestyle, you might want to consider moving.
The spots that made the list may come as a surprise, with many only having populations of around 100,000-200,000 people, and some even coming in with less than 100,000 residents.
The list features cities that are attracting more people and businesses, with each ranked according to its median household income after taxes, the monthly cost of living, and its GDP per capita.
According to the report, the two best small cities to get rich in are Oakville and Burlington – both of which are in Ontario.
"Oakville is all about economic opportunity, growth and success, no matter what industry sector you represent. The city’s economic indicators show the big picture: from nearly full employment to higher-than-average household incomes," says Yore Oyster.
The city ranked number one thanks to its high median income ($95,035 after taxes) and GDP growth rate of 3%.
According to personal finance site The Balance, the GDP growth rate is a signifier of a healthy economy, and an ideal growth rate is around 2-3%.
Burlington came second with a median income of $93,588 after taxes and a GDP per capita of $58,275.
The city's "pro-business culture has enabled companies from Canada and around the globe to leverage unique opportunities while drawing from one of the highest educated and skilled workforces in the region," says Yore Oyster.
In third on the list is Saskatoon, with a median income of $77,500 and a GDP per capita of $64,447. The city ranked highly thanks to its central location in the country and its abundance of grants and funding for entrepreneurs.
"The lower cost of living in the city also makes a large difference," says the report. The cost of living in the city per month is $2,061, a much lower number than that of Oakville ($2,984) and Burlington ($2,923).
The best cities for getting rich in Canada
Here are 20 small cities that offer the best opportunities and means for getting rich in Canada, according to the report:
- St. John's
- Greater Sudbury
- Thunder Bay
- Trois Rivières
- St. Catharines
What are the best cities in Canada to live in?
One city on the list was also recently singled out as one of the best places to live in Canada.
Moving site MoveHub named seven cities "the best places to live" for several different needs, including food and drink, rural escapes, families, affordable property, culture, climate and job opportunities.
Burlington, which ranked second on the list of the best cities for getting rich, was also named the best city in Canada to live in for its climate.
"It’s on roughly the same latitude as New Hampshire – definitely one of the colder American states, but nothing compared to the 'real Canadian winter,'" said MoveHub.
Not only can you grow your wealth here, but it looks like you'll also be able to enjoy better weather than other parts of the country!
This article's cover image was used for illustrative purposes only.